US's Paulson says subprime woes 'containable'

WASHINGTON, July 23 Mon Jul 23, 2007 5:21pm EDT

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WASHINGTON, July 23 (Reuters) - U.S. Treasury Secretary Henry Paulson said on Monday that problems in the subprime mortgage loan sector could be contained and would not hurt the overall economy.

"There has been a very significant housing correction. I think we're at or near a bottom there," Paulson said on CNBC television. "I don't deny there's a problem with subprime mortgages but...it's quite containable."

Paulson said the economy was "very, very healthy" despite the problems in the subprime mortgage lending sector.

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